 "Fairfax, ICICI Lombard, Warburg Pincus")
Kerala-based Catholic Syrian Bank (CSB) has decided to increase its equity base by creating 80 million shares to allow Fairfax to invest up to Rs 12 billion in the bank for a 51% stake.
According to experts, the valuation of over Rs 23 billion for the entire 100% stake of CSB is about 10% of its total business size.
The money will be infused by FIH Mauritius Investment, a subsidiary of Fairfax India Holdings.
The deal, if it fructifies, will mark the first takeover of an Indian bank by a foreign non-banking financial entity after the Reserve Bank of India
